Published: July 2020

More than 100 non-profit groups support bill that would require corporations to disclose important data to address potential profit shifting

A coalition of more than 100 non-profit groups called on Reps. Waters and McHenry to consider country-by-country reporting in the Disclosure of Tax Havens and Offshoring Act (H.R. 5933). The bill would require large, publicly-traded corporations to disclose key financial information (e.g. profits, revenues, taxes, number of employees, etc.) on a country-by-country basis to better inform taxpayers, investors, policymakers, academics, and other stakeholders and ensure that we emerge from the COVID-19 pandemic on the path to sustainable and equitable economy.

Numerous studies have found that large, multinational corporations in the United States use provisions in the tax code to shift profits and avoid paying taxes that they would otherwise be required to pay. 91 profitable Fortune 500 companies paid no federal income taxes in the U.S. in 2018, while another 56 companies paid between 0 and 5 percent. Lost tax revenue in the U.S. has led to austerity measures: Policymakers have cut vital services, underfunded healthcare, education, investments in infrastructure and more. The Disclosure of Tax Havens and Offshoring Act (H.R. 5933) is the first step in reversing the wealth drain from multinational tax avoidance.

Other Organizations

Academics Stand Against Poverty | Accountability Lab | Advocacy for Principled Action in Government | AFL-CIO | Africa Faith & Justice Network | AfricaFocus Bulletin | American Family Voices | Americans for Democratic Action | Americans for Financial Reform | Americans for Tax Fairness | Asia Initiatives | Campaign for America’s Future | Center for American Progress | Center for International Policy | Center for Popular Democracy | Citizens for Responsibility and Ethics in Washington (CREW) | Coalition on Human Needs | Communications Workers of America (CWA) | Color of Change | Congregation of Our Lady of Charity of the Good Shepherd, U.S. Provinces | Consumer Action | Consumer Federation of America | Corporate Accountability Lab | Crude Accountability | Demand Progress | | EarthRights International | Economic Policy Institute | ESG Transparency Initiative | Fair Share | Faith Action Network – Washington State | Financial Accountability and Corporate Transparency (FACT) Coalition | Financial Transparency Coalition | Global Alliance for Tax Justice | Global Financial Integrity | Global Justice Program | Government Accountability Project | Greenpeace USA | Healthcare for America Now (HCAN) | Heartland Initiative | Institute for Policy Studies – Program on Inequality | Institute on Taxation and Economic Policy (ITEP) | International Brotherhood of Teamsters | MomsRising | National Advocacy Center of the Sisters of the Good Shepherd | National Education Association (NEA) | National Employment Law Project | National Organization for Women | National Women’s Law Center | NETWORK Lobby for Catholic Social Justice | New Rules for Global Finance Open Contracting Partnership | Open the Government | Our Revolution | Oxfam America | Project Blueprint | Project Expedite Justice | Public Citizen | Publish What You Pay – US | Revolving Door Project | Rights CoLab | Rights and Accountability in Development (RAID) | | Service Employees International Union (SEIU) | Take on Wall Street | Tax Justice Network | US PIRG | Working America

More Information

To read the letter in full, please click here.

For more information, please visit the FACT Coalition.

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